Financial pitfalls faced by women post-divorce

March 13, 2013

Financial pitfalls faced by women post-divorce

Article provided by The Law Office of Thomas V. Sassone, P.C.
Visit us at http://www.tvslawpc.com

Statistically, women have the harder time financially after a divorce than men. A study conducted by the National Marriage Project at Rutgers University has found that on average, a man will see an approximate 10 percent increase in his standard of living post-divorce, but a woman will experience a 27 percent decrease. Experts attribute the disparity to the possibility that many women are not involved with finances during the marriage and therefore have a more difficult time managing money independently.

Preparing financially for divorce

During a divorce many financial decisions are made and many of these decisions have an effect on the rest of your life, including:
-Are you going to receive or pay spousal support (or alimony)?

-Are you going to keep the house?

-How are the retirement accounts going to be divided?

Whatever issues are part of your divorce, money is going to be a big one. It is important to understand the financial implications of financial decisions, so that you protect yourself and your family now and into the future. Some tips to remember, include:
-Your financial situation is going to change. This goes for both spouses. Your incomes once supported one family comfortably, now your incomes are going to have to support two families. To survive financially after divorce, it is important to accept your new economic reality: you may have to spend less money.

-Create a budget and stick to it. Monthly budgets are extremely important both during a divorce and afterwards. Creating and maintaining a reasonable monthly budget will allow you to keep up with your financial obligations and hopefully allow you to save for the future.

-Develop a long-term financial plan. Take charge of your budget and your finances and figure out a long-term financial plan. You can do this by yourself or use a financial planner.

Contact an experienced family law attorney

Divorce is extremely stressful both emotionally and financially. That is why having an experienced divorce advocate on your side to guide you through the process is so important. Many people just want the divorce to be over and don't think about the repercussions of their decisions. An experienced divorce attorney will help you manage your emotions and make the decisions that will protect you and your family. Don't hesitate to learn more about the divorce process and your rights. Contact a divorce attorney in your area today.